Wilton, Connecticut., Sept. 11, 2018 (GLOBE NEWSWIRE) -- The American Energy Group, Ltd. (OTCQB: AEGG) announced today that the International Chamber of Commerce (ICC) 3-Arbitrator panel has issued its unanimous Final Award dated as of August 31, 2018 completing the ICC Arbitration proceeding that American Energy Group Ltd. (AEGG) initiated in 2012 against the purchasers of the stock of its subsidiary, Hycarbex-American Energy, Inc. (Hycarbex). The Final Award decrees that: (1) Hycarbex Asia Pte. Ltd. pay to AEGG £406,676.74 as reimbursement for legal fees and costs; (2) Hycarbex Asia Pte. Ltd. pay to AEGG US$597,100 as reimbursement for the costs of arbitration; and (3) Hycarbex Asia Pte. Ltd. return to AEGG 1.5 million of the company’s common shares, or if such shares are no longer held by Hycarbex Asia Pte. Ltd., authorizing the cancellation of the shares. The ICC further authorized a refund by the ICC to AEGG of US$212,000 in filing and hearing fees deposited with the ICC. Hycarbex Asia Pte. Ltd. is currently in liquidation proceedings in Singapore.
The ICC Arbitration Tribunal’s Partial Final Award rendered in 2015 unanimously decreed that the original sale of the stock of Hycarbex was void from its inception due to fraud by the purchaser’s representatives and that the AEGG, therefore, was still the owner of 100% of the common stock of Hycarbex. Hycarbex is the owner of certain petroleum exploration licenses within Pakistan and has been operating in Pakistan since 1995.
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